Federal Loan Programs

Bethany participates in the Federal Perkins Loan and Federal Stafford Loan programs. These low-interest loans are awarded to students based on financial need and repaid after leaving college. The Office of Student Financial Services will provide you with more details. We also offer loans to Parents through the Federal Stafford Lending Program.

Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans. (Some people refer to these loans as Stafford Loans or Direct Stafford Loans.)

Visit U.S. Department of Education for more information on how to qualify and apply for subsidized and unsubsidized loans.

The Parent Plus Loan is a federal loan that parents of dependent undergraduate students can use to help pay education expenses. If you wish to apply, please visit U.S. Department of Education for more information on how to qualify and apply for Parent Plus loans. If you wish to borrow the Parent Plus Loan you will need to complete a Master Promissory Note for the Parent Plus Loan.

If you receive a federal student loan, you will be required to repay that loan with interest. It is important that you understand how interest is calculated and the fees associated with your loan. Both of these factors will affect the amount you will be required to repay.

For more information on interest rates, visit the U.S. Department of Education website.

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. All borrowers are required to complete an MPN before they can receive federal loans. Please visit studentloans.gov to complete your MPN for the Subsidized/Unsubsidized Loans.

All students taking out Direct Subsidized Loans or Direct Unsubsidized Loans: If you have not previously received a subsidized or unsubsidized loan under the Direct Loan Program or a subsidized or unsubsidized Stafford Loan under the Federal Family Education Loan (FFEL) Program, you’ll be required to complete entrance counseling. Please visit studentloans.gov to complete Entrance Counseling.

Exit counseling provides important information to prepare you to repay your federal student loan(s). If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program loan, you must complete exit counseling each time you: Drop below half-time (less than 6 credits) enrollment, Graduate or Leave school. Please visit studentloans.gov to complete Exit Counseling.

At Bethany College, we understand that student loans can be intimidating. That’s why we have partnered with Inceptia, a division of the National Student Loan Program, to provide you with free assistance on your student loan obligations to ensure you feel comfortable and can be successful in your loan repayment.

Inceptia may be calling to help you with next steps in your repayment journey. Their friendly counselors are there to help you every step of the way. While you are in your grace period, they might reach out to you to answer questions you may have on your repayment options. If you become delinquent on your loans, they may also contact you to help find a solution that works within your means.

The Inceptia counselors are there to help you with every step by staying in touch with you via phone calls, letters, and/or emails. They will not be collecting money from you. Inceptia’s nonprofit purpose is to help you find answers to your questions and solutions to your issues. We encourage you to visit Inceptia’s Student Loan Knowledge HQ for more information.

You will also want to ensure to understand how to repay your loans. Visit the U.S. Department of Education website for detailed information and options.

If for some reason you find yourself unable to make payments, there are options for you. Click here to learn more.

Alternative Loans

A student may choose any lender when borrowing an alternative student loan. It is crucial though that you do your homework and select a lender and a loan that best suits your academic and financial needs as a borrower, since there may be differences in interest rates, fees, credit evaluation, academic progress requirements, repayment terms and borrower benefits. Please visit ElmSelect online lender comparisons to learn more.

It is important to consider all federal loans prior to alternative loans. Please sure to review and compare, especially Alternative loans versus Plus loans. For more information on the differences between federal and private student loans, visit the U.S. Department of Education website.